•VFD’s boss appointed NGX Group’s non-executive director
Following gains in many blue-chip companies, especially Dangote Cement and Transcorp Hotel, transactions on the Nigerian Exchange Limited (NGX) sustained a rising profile as investors’ wealth rose by N448 billion.
At the close of transactions yesterday, the market capitalisation of listed equities appreciated by 1.31 per cent to N34.721 trillion from N34.273 trillion reported on Monday. The NGX All Share Index also increased by 823.37 basis points to 63766.72 points reported the previous day.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Transcorp Hotels, Eterna, PZ Cussons Nigeria and NASCON Allied Industry.
As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 20 losers.
Analysts at Vetiva Dealings and Brokerage said: “We expect similar trading sessions, as investors continue to move in and out of these counters, while market activity reverts to pre-buy-back levels.”
On the price movement chart, NPF Micro Finance Bank, Honey Well Flour Mills and NEM Insurance led the gainers’ table with 10 per cent to close at N1.87 kobo, N3.30 kobo and N5.94 kobo respectively.
Eterna Plc followed with a gain of 9.92 per cent to close at N26.05 kobo while PZ Cusson added 9.88 per cent to close at N17.80 kobo.
On the contrary, Japaul Gold recorded the highest loss, shedding 10 per cent to close at 81 kobo. FTNCocoa trailed with a drop of 9.84 per cent to close at N2.29 kobo.
Courtvellle Business Solutions fell by 8.64 per cent to close at 74 kobo. Sovereign Trust Insurance declined by 8.16 per cent to close at 45 kobo. NSL Tech also depreciated by 8.11 per cent to close at 34 kobo.
Investors traded 868.802 million shares valued at N42.806 billion in 8970 deals against 710.018 million shares worth N13.829 billion exchanged hands the previous day in 8979 deals
Transactions in the shares of FCMB group led market activities with 153.879 million shares valued at N956.074 million, Japaul Gold, followed with an account of 110.533 million shares worth N90.947 million.
Dangote Cement traded 104.882 million shares costing N35.814 billion, AccessCorp exchanged 49.543 million shares costing N849.239 million, while Fidelity Bank sold a total of 41.906 million shares worth N312.593 million.
Meanwhile, VFD Group Plc, one of the nation’s leading sector-agnostic investment firms, said shareholders of the Nigerian Exchange Group have approved the appointment of the Group Managing Director of the VFD Group, Nonso Okpala, as a non-executive director of the NGX Group at the 62nd yearly general meeting held in Lagos.
As a non-executive director of the Group, Okpala is expected to bring a wealth of knowledge and experience to his new position. His extensive knowledge of financial markets and his in-depth understanding of investments would enable him to provide innovative direction and counsel to the NGX’s mission of providing investors with a robust, stable, and transparent trading platform.
The shareholders have reaffirmed their confidence that Okpala is committed and dedicated to ensuring that the exchange plays a leading role in the nation’s economic development in line with the current administration’s push for accelerated economic rejuvenation and inclusive prosperity.
Okpala remarked: “It is an honor to join the NGX board. This is an exciting opportunity to contribute to the growth and development of the financial markets. I am eager to work with NGX’s talented team and to support their efforts to increase investor confidence, transparency and efficiency.”
